同时，山姆大力推行绿色能源，昌平店引进了"极低碳"二氧化碳（TCO2）跨临界制冷系统，该CO2制冷剂几乎不产生碳排放，还可进行热回收再利用，制 冷系统在压缩制冷剂过程中所产生的大量的热，经水循环回收后，可以用于门店营运及员工生活用水。 而在11月20日晚间，沃尔玛中国发布第三季度业绩线上，本季度实现净销售额61亿美元，同比增长21.8%。其中，山姆保持强劲的增长势头，交易单量呈双 位数增长，在过去12个月内新开了8家门店。 北京商报讯（记者 刘卓澜）11月21日，山姆会员商店北京昌平店正式开业。自2003年至今，山姆已在北京开出5家门店，昌平店也是山姆在全国的第61家门 店。 据悉，昌平店位于北七家镇东北199号院1号楼。该门店在试吃、试玩、试用以及眼镜中心的屈光度、视功能等检查基础上，还配备了针对青少年的生物测量 仪等专业设备。除了线下门店，会员还可通过极速达、全城配、全国配等多种线上配送服务购买到喜爱的商品。最快一小时"极速达"涵盖千余种会员日常高 频采买的商品，满足会员对高品质商品的即时需求。 ...

Core Insights - Walmart is transferring its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq Stock Market, effective December 9, which includes the transfer of its WMT ticker symbol and nine bonds [2][3] - This strategic move is seen as aligning Walmart with a technology-focused exchange, potentially positioning the company for inclusion in the Nasdaq 100, which could attract passive inflows from index-tracking funds [3] - J. Jill has appointed Viv Rettke as its first chief growth officer, who will oversee direct-to-consumer performance and lead AI initiatives, reporting directly to the CEO [4][5] Company Developments - Walmart's transition to Nasdaq is intended to reflect shared values with the exchange, emphasizing a technology-forward approach [2] - J. Jill's new chief growth officer has a background in strategy and transformation, previously serving at Cole Haan, and is expected to drive business growth and market opportunities [4][5] Industry Trends - The luxury fashion market is showcasing high-priced items, such as Prada's Crochet Safety Pin Brooch retailing for $775, which may be perceived as insensitive in the current economic climate [5][6] - The fashion industry continues to navigate challenges such as tariffs, inflation, and layoffs, impacting consumer sentiment and spending [6]

周四股市开局强劲：英伟达财报表现惊艳，美国失业率上升引发市场对美联储下月可能降息的预期。然 而市场情绪骤然逆转，股价暴跌，日内波动率飙升至四月以来最高水平，英伟达股价下跌3%。当前股 市正朝着创下特朗普关税计划四月冲击市场以来最差周表现的方向发展。 Junomarkets：技术信号显露疲态 VIX恐慌指数飙升，技术指标同样值得关注以判断股市走向。标普500指数本周早些时候跌破50日均 线，表明短期动能已转向下行。周四标普500指数下跌1.5%后，目前正测试100日均线，若跌破该位可 能预示更深幅度的下行——讽刺的是，这反而可能迫使美联储下月降息。 沃尔玛：风暴中的避风港 标普500成分股的涨跌幅榜映射出市场情绪：沃尔玛凭借强劲财报成为美股领头羊，涨幅逾6%，成为市 场风暴中的安全港湾。 更多迹象表明，英国消费者在预算案公布前已出现强烈负面反应。GfK报告显示消费者信心进一步跌入 负值区间，10月零售总额暴跌1.1%。这是包括超市、服装店和网购平台在内的销售额自5月以来首次下 滑。部分下滑或因黑色星期五促销提前消费所致，但更令人担忧的是消费者正陷入长期萎缩状态——他 们试图保护自己免受将企业和工人视为储钱罐的政 ...

Core Viewpoint - Walmart's CFO John David Rainey highlighted the widening gap between those who can afford daily necessities and those who cannot, reaching the highest level in nearly a decade as of October's wage growth data [1] Financial Performance - In Q3, Walmart reported revenue of $179.5 billion, a 5.8% year-over-year increase, surpassing the expected $177.6 billion; adjusted EPS was $0.62, slightly above the anticipated $0.60 [2] - Walmart raised its full-year guidance, expecting net sales growth to increase from a previous range of 3.75%-4.75% to 4.8%-5.1%; adjusted EPS forecast was revised from $2.52-$2.62 to $2.58-$2.63 [2] Consumer Behavior - Rainey noted that many shoppers are shifting towards cheaper products, extending their purchasing cycles, and focusing more on value due to ongoing financial challenges, with food prices still approximately 25% higher than pre-pandemic levels [1] - The company experienced a strong quarter with U.S. same-store sales growth of 4.5%, driven by grocery, health products, and general merchandise; transaction frequency increased by 1.8%, and average basket size grew by 2.7% [1] Cost Management - Despite strong performance, Walmart faces challenges with high tariff-related costs and is cautiously managing the impact of these costs on consumers, particularly for imported goods like bananas and avocados [2] - Rainey acknowledged the limitations of Walmart's "Everyday Low Price" strategy amid rising costs from tariffs, supply chain shifts, and labor expenses, indicating a delicate balance between protecting consumer interests and maintaining profit margins [2] Competitive Strategy - Walmart's pricing strategy remains competitive, exemplified by a $128 Vizio TV, which attracts customers while relying on long-term monetization through advertising revenue from its operating system [3] - Rainey emphasized Walmart's dual focus on providing value and convenience, suggesting that the historical belief in a trade-off between the two is a misconception, as Walmart is proving it can deliver both effectively [3]

Market Sentiment - The CNN Money Fear and Greed index increased, remaining in the "Extreme Fear" zone with a current reading of 6.5, down from a prior reading of 14.9 [1][6][7] Stock Performance - U.S. stocks closed lower, with the Dow Jones down approximately 387 points to 45,752.26, the S&P 500 declining 1.56% to 6,538.76, and the Nasdaq Composite falling 2.15% to 22,078.05 [4] - Walmart Inc. shares rose over 6% after exceeding earnings expectations and raising guidance [3] - Palo Alto Networks Inc. shares fell more than 7% following its first-quarter financial results and the announcement of acquiring Chronosphere [3] Economic Indicators - A stronger-than-expected U.S. jobs report showed non-farm payrolls increased by 119,000 in September, significantly higher than the forecast of 50,000, impacting expectations for a December rate cut [2] - Markets now estimate a 64% probability that the Federal Reserve will maintain current rates in December [2] Sector Performance - Most sectors in the S&P 500 ended negatively, with information technology, consumer discretionary, and industrials experiencing the largest losses, while consumer staples stocks closed higher [4]

Core Insights - Walmart Inc. reported a strong third-quarter performance, exceeding Wall Street expectations and raising its full-year guidance [1][6] - Executives noted that while grocery prices are stabilizing, tariffs could still impact household item costs [1][2] Financial Performance - Walmart's quarterly sales reached $179.5 billion, marking a 5.8% year-over-year increase, primarily driven by upper-income households seeking value [6] - The company reported adjusted earnings per share of 62 cents, surpassing the expected 60 cents [6] - Walmart raised its fiscal 2026 adjusted earnings outlook to a range of $2.58 to $2.63 per share [6] Tariff and Inflation Insights - Overall inflation for Walmart is currently in the "low-1% range," indicating a cooling from previous highs [2] - Imported non-food goods remain vulnerable to trade-related cost pressures, while grocery prices have shown relief, particularly in key food categories [2][3] - The primary exception in grocery prices is beef, attributed to commodity cycles rather than trade policies [4] Supply Chain Management - Walmart is focusing on supply chain discipline to mitigate potential price hikes from tariffs, effectively managing inventory levels and product mix [4][5] - Inventory closed the quarter up 2.6%, which is about half the rate of sales growth, allowing the company to maintain margins without fully passing tariff costs to consumers [5] Stock Performance - Walmart shares increased by 19.01% year-to-date, outperforming the S&P 500 index, which rose by 11.42% [7] - The stock closed at $107.11, up 6.46% on Thursday, with an overall increase of 21.18% over the year [7]

Core Insights - Walmart is a leading global retailer with a diverse product range and a strong e-commerce presence, competing with major players like Amazon and Target [1] - Wells Fargo has maintained an "Overweight" rating for Walmart, reflecting confidence in the stock's growth potential [5] Stock Performance - At the time of Wells Fargo's announcement, Walmart's stock was priced at $107.11, showing a significant increase of 6.46% or $6.5 following strong quarterly results [2][5] - The stock's trading range for the day was between $102.7 and $107.91, indicating active investor interest [3] Price Target Adjustment - Wells Fargo raised Walmart's price target from $110 to $120, suggesting expectations for further growth driven by the company's impressive earnings report [3][5] Market Capitalization and Trading Volume - Walmart's market capitalization is approximately $854 billion, highlighting its significant role in the retail sector [4] - The company had a trading volume of 50.19 million shares, reinforcing its status as a key player in the stock market [4]

来源：瑞恩资本RyanbenCapital 沃尔玛(WMT)公布，将把股票上市地点转移至纳斯达克交易所，这将是纽约证券交易所史上规模最大 的一次股票过档。 沃尔玛自1972年起就在纽交所上市。 沃尔玛预计，其股票将于12月9日在纳斯达克全球精选市场(Nasdaq Global Select Market)开始交易，该市 场是纳斯达克交易所3个级别中最高。 沃尔玛表示，转战以科技股为主的纳斯达克市场，体现了其「科技领先」的策略，其股票将继续沿用目 前的「WMT」股票代号。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com ...

格隆汇11月21日｜TELSEY咨询集团将沃尔玛目标价格从118美元上调至130美元，将渤健目标价从118 美元上调至157美元。 ...

Core Insights - The upcoming Thanksgiving weekend in the U.S. is expected to see a record number of shoppers, contradicting pessimistic views from some Wall Street analysts regarding consumer spending and economic outlook [1] - The NRF's forecast indicates a strong holiday shopping season, which could significantly boost the U.S. economy in Q4 and 2026, as consumer spending accounts for 60%-70% of GDP [1] - The "Goldilocks" economic scenario suggests moderate growth and stable inflation, with expectations of a downward trajectory for interest rates [2] Retail Performance - Walmart reported a Q3 revenue increase of 5.8% to $179.496 billion, exceeding market expectations, and has raised its full-year guidance for 2026 [2] - The company anticipates a net sales growth of 4.8%-5.1% for the fiscal year 2026, up from a previous estimate of 3.75%-4.75% [2] Shopping Trends - A record 186.9 million people are expected to shop from Thanksgiving to Cyber Monday, an increase of 3 million from last year [3] - Black Friday remains the most popular shopping day, with 70% of surveyed consumers planning to shop on that day [3] Consumer Spending - NRF predicts that U.S. consumers will spend over $1 trillion during the Thanksgiving holiday shopping season, with an average budget of $890 per person [4] - Digital payment methods are increasingly popular, with 59% of shoppers expected to use digital wallets and apps [4] Gift Preferences - Families with children are expected to increase their gift budgets by approximately $33, with popular gifts including Legos, Barbie dolls, and Hot Wheels [5] - Gift cards and toys remain popular, with consumers projected to spend about $29.1 billion on gift cards, reflecting a 1.7% increase from last year [5] - There is a growing trend towards purchasing second-hand gifts, with over half of respondents considering this option to manage holiday budgets [5]